With the RWA (Real World Assets) concept gaining popularity, more and more Web3 players are starting to lay out: from buying treasury bonds on-chain, holding real estate dividends, to connecting to dollar-denominated stable income assets...
But here comes the question:
✅ Which RWA projects have successfully established a business model?
✅ Which projects have gained first-mover advantage 'before the bull market'?
✅ How can investors participate in these projects and obtain returns?
Today we have compiled a 'Panorama of Top RWA Projects' for you, allowing you to see at a glance which projects are quietly reaping dividends and which are still worth ambushing!
🧭 Understand in one picture: Five main directions of RWA ecology
Category
Representative Project
On-chain Asset Type
Is there a token issued
Key Highlights
📄 On-chain Treasury Bonds
Ondo Finance
US Treasury, Notes
✅ ONDO
Connected to Coinbase, largest capital volume
🏦 Institutional-level RWA issuance
OpenEden
Treasury Bonds, Asset Packages
🚫
Regulatory friendly, supports Asian institutions
🏠 On-chain Real Estate
RealT
US Family Residences
✅ REALT
Low investment threshold, USDC dividends
🧾 On-chain Debt Financing
Centrifuge
Accounts Receivable, Supply Chain Financing
✅ CFG
Already connected to MakerDAO for collateral
💳 On-chain Asset Securitization
Backed Finance
US Stocks, Bond ETFs
✅ bTokens
Tradeable 'Tokenized ETF'
🟡 1. 【Ondo Finance】—— The strongest capital-absorbing king in the RWA track
Positioning: Bridging traditional financial assets with on-chain users
Representative Product:
OUSG: Stable income token supported by short-term US Treasury bonds (approximately annualized 4.8%-5.2%)
USDY: On-chain redeemable income-type US dollar stablecoin
Capital Volume: Over 600 million USD TVL, firmly in the first tier of RWA
Token ONDO: Already listed on Coinbase, Bybit, OK with liquidity and long-term value potential
✅ Suitable for Investors: Medium to long-term layout of RWA leaders, ONDO is one of the core targets that cannot be ignored
🟢 2. 【OpenEden】—— RWA 'Treasury Bond Platform' from an Asian Perspective
Headquarters: Singapore
Features:
Cooperation with regulated financial institutions
Cooperating with global custodians (e.g., Standard Chartered) to issue RWA financial tools
Can exchange stablecoins like USDC for shares in the on-chain 'Treasury Asset Pool'
🚫 Token not yet issued, but viewed as a 'potential airdrop project'
📌 Participation Method: Participate in product interaction through the official website, with the potential to gain future airdrop qualifications
🏠 3. 【RealT】—— Pioneer of Fragmented Real Estate RWA
Asset Type: US Household Real Estate (Detroit, Chicago, etc.)
Model:
Each property NFT represents 1% equity
Investors receive USDC rental dividends weekly
✅ Token Issued: REALT (not circulating on exchanges)
🧩 Features: Low entry barrier (starting from a few dozen dollars), real and visible returns, it is the 'enlightenment project' of RWA in the retail circle
🟠 4. 【Centrifuge】—— On-chain financing and the unsung heroes behind MakerDAO
Asset Type: Accounts receivable, invoices, supply chain financing, etc.
Largest Advantage: Accepted by MakerDAO as RWA collateral, representing the first step of traditional financing being recognized by DeFi
✅ Token: CFG (can be used for participating in protocol governance, staking)
📈 Applied to: Provide financing for small and medium enterprises, on-chain issuance of tokenized debt
📌 Investment Logic: Deeply integrated with the Dai system, has real collateral scenarios, belongs to 'practical RWA projects'
🟣 5. 【Backed Finance】—— On-chain 'US Stock ETF' mover
Positioning: Issue on-chain bTokens supporting US stock ETFs and bonds
Representative Product:
bIB01: Corresponds with iShares Short Bond ETF
bCOIN: Tokenization of US stock crypto-related company stocks ETF
✅ Tradeable on Uniswap, some bTokens can be used as collateral assets
💬 Compliance: Regulated under Swiss legal framework, favored by European institutions
📌 Summary: The real bull market for RWA has not yet begun, but big players are 'quietly enjoying the benefits'
Project
Current Stage
Investment Participation Suggestions
Ondo
Token issued + Mature TVL
Hold ONDO tokens for the medium to long term, focus on stable income products
OpenEden
Initial + Strong Compliance
Conduct interactive airdrop + observe institutional entry data
RealT
Mature + Dividend Type
Small capital layout to experience RWA asset operation mechanism
Centrifuge
Application-type + Traditional Connection Point
CFG as a long-term growth potential token for the Dai system
Backed
Tradeable ETF-type
Suitable for users focusing on compliant markets or diversified token allocation
📣 Upcoming Issue: Can Hong Kong become the capital of RWA? We will provide you with answers from policy, capital, and ecological perspectives!
💬 Want to get the tabular illustration of this issue? Feel free to leave a message: 'RWA Project Map', and I'll send it to you!
📌 Click 【For Viewing】 + 【Forward】, don't let this core thread of Web3 pass you by!